Blue Jet Healthcare (BLUEJET) Q3 24/25 earnings summary

Executive summary

• Q3 revenue was INR 3,183.82m, up 90.9% YoY; EBITDA reached INR 1,240m and PAT INR 989.83m, a quarterly record.

• 9M revenue was INR 6,895.40m, up 30.7% YoY; EBITDA was INR 2,378m and PAT INR 1,951.10m.

• Higher pharmaceutical intermediate sales, new capacity and fixed-cost absorption supported Q3 growth and profitability.

• Robust contract manufacturing orders and customer forecasts support confidence in near-term pharmaceutical intermediate growth.

Financial highlights

• Q3 revenue rose 52.9% QoQ and 90.9% YoY; EBITDA rose 78.5% QoQ and 127.2% YoY to INR 1,240m, while PAT rose 69.6% QoQ and 208.3% YoY to INR 989.83m.

• Q3 gross profit increased 81.4% YoY to INR 1,740m.

• 9M gross profit was INR 3,818m, up 27.6%; PBIT increased 44.4% to INR 2,249m and PBT rose 56.0% to INR 2,588.88m.

• Cash, cash equivalents and treasury investments totaled INR 3,313m at Dec. 31, 2024.

Outlook and guidance

• Customer forecasts and order book indicate scope to sustain growth in pharmaceutical intermediates; demand and uptake remain key dependencies.

• At sustained Q3 activity levels, operational leverage could lift EBITDA margin above 35%-37%; FY26 outlook depends on assessing added R&D operating costs.

• Unit 2 contrast media capacity is expected to reach optimal utilization by H1 FY26; Unit 3 at Mahad is expected to go live in H2 FY26.

• Advanced contrast media products are expected to be dispatched in Q4 FY25 after commissioning an additional Ambernath manufacturing block.

• Plans include an R&D centre with investment of up to INR 400m and further capacity to meet anticipated demand.